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Victoria's Secret to Close 250 Stores Permanently

Victoria's Secret has announced it will be permanently closing a quarter of its stores across the United States and Canada in the coming months.

L Brands, which owns the clothing chain, also revealed they will also be shutting down retail outlets of its sister brand, Bath & Body Works.

According to USA Today, roughly 250 Victoria's Secret stores and 50 Bath & Body Works outlets will be closing up shop. The locations of those stores have not been released.

There are currently approximately 1,100 Victoria's Secret stores and 1,700 Bath & Body Works shops across North America.

L Brands said sales had declined 37% for the quarter. The brick and mortar stores have been closed since March 17th due to the coronavirus pandemic.

The downsizing comes on the heels of the news that Pier 1 Imports would begin liquidating their remaining 540 retail stores across the country.

Other major retailers such as J.C. Penney, Neiman Marcus and J.Crew have also had to file for Chapter 11 bankruptcy protection due to the downturn in the economy in the aftermath of the spread of COVID-19.